Red Hat (NYSE:RHT) had its target price cut by BMO Capital Markets from $177.00 to $158.00 in a research report released on Thursday morning, Marketbeat.com reports. They currently have an outperform rating on the open-source software company’s stock.

A number of other brokerages also recently commented on RHT. Royal Bank of Canada decreased their target price on Red Hat to $169.00 and set an outperform rating for the company in a report on Monday, September 17th. JPMorgan Chase & Co. downgraded Red Hat from an overweight rating to a neutral rating and decreased their target price for the company from $160.00 to $150.00 in a report on Tuesday, September 18th. Zacks Investment Research downgraded Red Hat from a buy rating to a hold rating in a report on Wednesday, June 27th. Raymond James downgraded Red Hat from an outperform rating to a market perform rating and set a $84.00 target price for the company. in a report on Tuesday, June 19th. Finally, Cowen restated a buy rating and set a $165.00 target price on shares of Red Hat in a report on Tuesday, June 26th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty have issued a buy rating to the stock. The stock has an average rating of Buy and an average target price of $154.53.

Shares of RHT stock opened at $134.62 on Thursday. The company has a quick ratio of 1.28, a current ratio of 1.23 and a debt-to-equity ratio of 0.40. Red Hat has a fifty-two week low of $104.51 and a fifty-two week high of $177.70. The company has a market capitalization of $23.88 billion, a price-to-earnings ratio of 58.53, a P/E/G ratio of 3.15 and a beta of 1.07.

Red Hat (NYSE:RHT) last announced its quarterly earnings data on Wednesday, September 19th. The open-source software company reported $0.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.03. Red Hat had a return on equity of 31.80% and a net margin of 9.15%. The firm had revenue of $822.75 million during the quarter, compared to the consensus estimate of $828.12 million. During the same quarter in the previous year, the company posted $0.77 earnings per share. The business’s revenue was up 13.7% on a year-over-year basis. equities analysts predict that Red Hat will post 2.56 EPS for the current year.

Red Hat declared that its board has initiated a share repurchase program on Thursday, June 21st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the open-source software company to reacquire up to 4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

In other Red Hat news, insider Michael A. Kelly sold 636 shares of the stock in a transaction on Tuesday, July 17th. The stock was sold at an average price of $145.00, for a total value of $92,220.00. Following the completion of the transaction, the insider now owns 5,965 shares in the company, valued at $864,925. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO James M. Whitehurst sold 44,472 shares of the stock in a transaction on Tuesday, August 7th. The stock was sold at an average price of $142.56, for a total value of $6,339,928.32. Following the completion of the transaction, the chief executive officer now owns 445,557 shares of the company’s stock, valued at approximately $63,518,605.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,926 shares of company stock valued at $8,145,758. 0.58% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Mount Yale Investment Advisors LLC purchased a new stake in shares of Red Hat in the first quarter worth $103,000. Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of Red Hat by 16,350.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 987 shares of the open-source software company’s stock worth $133,000 after acquiring an additional 981 shares during the last quarter. Quad Cities Investment Group LLC purchased a new stake in shares of Red Hat in the second quarter worth $134,000. Financial Architects Inc grew its stake in shares of Red Hat by 95.2% in the second quarter. Financial Architects Inc now owns 1,025 shares of the open-source software company’s stock worth $137,000 after acquiring an additional 500 shares during the last quarter. Finally, Pitcairn Co. purchased a new stake in shares of Red Hat in the first quarter worth $203,000. Institutional investors and hedge funds own 95.21% of the company’s stock.

About Red Hat

Red Hat, Inc provides open source software solutions to develop and offer operating system, virtualization, management, middleware, cloud, mobile, and storage technologies to various enterprises worldwide. It offers infrastructure-related solutions, such as Red Hat Enterprise Linux, an operating system platform that runs on hardware for use in hybrid cloud environments; Red Hat Satellite, a system management offering that helps to deploy, scale, and manage in hybrid cloud environments; and Red Hat Enterprise Virtualization, a software solution that allows customers to utilize and manage a common hardware infrastructure to run multiple operating systems and applications.

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